A chattel mortgage is a legal claim that gives lenders the right to liquidate specific personal property to satisfy their claims in the event of default.

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A chattel mortgage is a type of loan agreement where the lender takes a security interest in the borrower's personal property. If the borrower defaults on the loan, the lender has the right to take possession and sell the property to satisfy the debt. This type of mortgage is typically used for assets such as vehicles, machinery, and equipment.

A Chattel Mortgage Is a Legal Claim That Gives Lenders